Research

Working Papers (2010-2023)

All RERI Working Papers are available free of charge. Click View PDF to access those papers that are available electronically. To order a paper that is not available electronically, click on the Request Paper button to the right of the paper you wish to receive. Some papers have executive summaries in PDF form which may be viewed by pressing the View Abstract button.

To search all working papers from 2010 through 2022, use the search function below:

Working Papers Available:

Tenant Satisfaction and Commercial Building Performance
Authors:
Juan Palacios
Nils Kok, Minyi Hu

Good versus Bad Networking in Private Equity Pension Fund Investment
Authors:
Da Li
Timothy Riddiough

The Impact of Environmental, Social and Governance (ESG) Attributes on the Performance of Listed Real Estate in Europe: A Quantitative Investigation
Authors:
Daniel Lo
Michael McCord
Martin Haran

The Price Effects of Natural Peril Risks
Authors:
Edward Pierzak
Yanling Mayer
Justin Brolley

Identifying Agglomeration Spillovers: Evidence from Grocery Store Openings
Authors:
Franklin Qian
Qianyang Zhang
Xiang Zhang

Creating a Green Building Ecosystem: The Impact of Local Sustainability Policies
Authors:
Meagan McCollum
Stanimira Milcheva

Commercial Real Estate Pricing Dynamics: A Machine Learning Analysis
Authors:
Benedict von Ahlefeldt-Dehna
Eli Berachab
Juergen Deppnera
Wolfgang Schaefersa

 

indicator  image  The Determinants of Institutional Capital Allocation to Real Estate
Alexander Carlo, Piet Eichholtz, Nils Kok — Published 2022
Link to a PDF file  
indicator  image  ESG Investment and Private Real Estate Returns
Avis Devine, Drew Sanderford, Chongyu Wang — Published 2022
Link to a PDF file  
indicator  image  Resilient Regions: Commercial Real Estate Markets and Natural Disasters
Shaun Bond, Ed Coulson, Shawn McCoy, Ian McDonough — Published 2022
Link to a PDF file  
indicator  image  The Impact of Hurricanes on Commercial Real Estate Transactions
Lu Fang, Lingxiao Li, David Scofield, Abdullah Yavas — Published 2022
Link to a PDF file  
indicator  image  Impact of High-Skill Jobs On Commercial Real Estate
Sumit Agarwal, Brent Ambrose, Lily Shen — Published 2022
Link to a PDF file  
indicator  image  Horizontal or Vertical? The Agglomerative Effects of Building and Neighbourhood Specialisation on Property Valuation
Crocker Liu, Chen Zheng, Bing Zhu — Published 2022
Link to a PDF file  
indicator  image  Transit Oriented Development, Walkability, and Commercial Property Markets: A Tale of Two Cities
Jim Clayton, Jeffrey Cohen, Lyndsey Rolheiser — Published 2022
Link to a PDF file  
indicator  image  Explaining Cap Rate Variation in Single-Tenant Properties: The Role of Tenant Credit Quality and Tenant Characteristics
Mariya Letdin, G. Stacy Sirmans, Greg T. Smersh, Tingyu Zhou — Published 2022
Link to a PDF file  
indicator  image  Real Estate Portfolio Diversification across U.S. Gateway and Non-Gateway Markets
Martin Hoesli, Louis Johner — Published 2021
Link to a PDF file  
indicator  image  Does Size Matter: Institutional Investors and Commercial Real Estate
Dragana Cvijanovic, Stanimira Milcheva, Alexander van de Minne — Published 2021
Link to a PDF file  
indicator  image  Are the Gateway Markets Overpriced?
Joseph Pagliari — Published 2021
Link to a PDF file  
indicator  image  Climate Risk and Mortgage Delinquency
Rogier Holtermans, Matthew E. Kahn, Nils Kok — Published 2021
Link to a PDF file  
indicator  image  Local Information Diffusion and Commercial Real Estate Returns: Understanding the Productivity of a Firm's Asset Base
David C. Ling, Chongyu Wang, Tingyu Zhou — Published 2021
Link to a PDF file  
indicator  image  Conflicts of Interest in Commercial Real Estate Brokerage
Piet Eichholtz, Rogier Holtermans, Paulo Rodrigues — Published 2021
Link to a PDF file  
indicator  image  Dis-Aggregating Urban Location and Commercial Real Estate Risk
Jeremy Gabe, Spenser Robinson, Andy Krause, Andrew Sanderford — Published 2021
Link to a PDF file  
indicator  image  Underwriting Green Mortgage Backed Securities: Costs and Benefits
Avis Devine, Meagan McCollum — Published 2021
Link to a PDF file  
indicator  image  The Imitation Game: How Encouraging Renegotiation Makes Good Borrowers Bad
Sean J. Flynn, Jr., Andra Ghent, Alexei Tchistyi — Published 2021
Link to a PDF file Link to a view a summary of the file
indicator  image  Micro Evidence Relating to House Rents, Prices and Investors from a Matched Dataset
Jessica Rutherford — Published 2020
Link to a PDF file  
indicator  image  Your Uber has Arrived: Ridesharing and the Redistribution of Economic Activity (DISSERTATION)
Caitlin Gorback — Published 2020
Link to a PDF file  
indicator  image  Performance and Acquisitions: Evidence from Commercial Real Estate Institutional Investors
Liang Peng — Published 2020
Link to a PDF file  
indicator  image  Adding Value through the Value-Add Bucket: A Property Level Analysis for the Fund Manager
Matthew Cypher, Lee Pinkowitz, Sara Rutledge — Published 2020
Link to a PDF file  
indicator  image  What Triggers Conversion of Retail to Alternative Uses, and How Sensitive are Investors to the Triggers?
John Clapp, Tingyu Zhou, Jim Clayton — Published 2020
Link to a PDF file  
indicator  image  The Term Structure of Real Estate Leases
Ernesto Aldana, Andrea Chegut, Jacob Sagi — Published 2020
Link to a PDF file  
indicator  image  Property Location and Systemic Risk
Gregg Fisher, Eva Steiner, Sheridan Titman, Ashvin Viswanathan — Published 2020
Link to a PDF file  
indicator  image  Levered Equity Returns in the Presence of Risky Debt: An Application to Private Real Estate
Joe Pagliari — Published 2019
Link to a PDF file  
indicator  image  It’s a Weird, Weird World: The Law of Two Prices, Incentive Contracting and Return Targeting in Private Equity
Tim Riddiough — Published 2019
Link to a PDF file  
indicator  image  Quality, Deal Size and Investment Returns of Commercial Real Estate
Liang Peng — Published 2019
Link to a PDF file  
indicator  image  Investment Strategy, Vacancy and Cap Rates
David Downs, Eli Beracha, Greg MacKinnon — Published 2019
Link to a PDF file  
indicator  image  Risk Retention and Qualified Commercial Mortgages
Brent Ambrose, Sumit Agarwal, Yildiray Yildirim, Jian Zhang — Published 2019
Link to a PDF file  
indicator  image  Calibrating Permitting Data to Capital Expenditure Data
Jacob Sagi, Tomasz Piskorski — Published 2019
Link to a PDF file  
indicator  image  Mortgage REITs: Sector Dynamics and Performance Drivers
Eva Steiner — Published 2019
Link to a PDF file  
indicator  image  Medical Service Quality and Office Rent Premiums: Reputation Spillovers
Brent Smith, Allen Goodman — Published 2019
Link to a PDF file  
indicator  image  Risk Retention and Information in the Face of Regulatio
Sean Flynn, Andra Ghent, Alexei Tchistyi — Published 2019
Link to a PDF file  
indicator  image  The Option to Redevelop Real Estate & Zoning Restrictions Over Space and Time (DISSERTATION)
David Leather — Published 2019
 
indicator  image  An Economic Analysis of Secured Non-Recourse Debt
Timothy Riddiough — Published 2018
Link to a PDF file  
indicator  image  The Causes and Consequenses of Cross-Market Differences In the Liquidity of Commercial Real Estate
Andra Ghent — Published 2018
Link to a PDF file  
indicator  image  Flight to Safety in Real Estate
Walter Boudry, Robert Connolly and Eva Steiner — Published 2018
Link to a PDF file  
indicator  image  Incorporating the Impact of Financial Intermediaries on the Price and Future Returns of Real Estate
Shaun Bond and Hui Guo — Published 2018
Link to a PDF file  
indicator  image  The Optimal Composition of Shopping Malls during the Ongoing Evolution of US Retail
Tingyu Zhou,Peng Liu and Cheuk Shing Leung — Published 2018
Link to a PDF file  
indicator  image  Analyzing Commercial Property Price Indices using Dynamic Factor Analysis
David Geltner, Alex Van de Minne and Marc Francke — Published 2018
Link to a PDF file  
indicator  image  Multi-Family Housing and Sustainability: Analyzing the Factors Creating Competitive Advantage
Drew Sanderford, Jeremy Gabe and Spenser Robinson — Published 2018
Link to a PDF file  
indicator  image  Connected Markets through Global Real Estate Investments
Bing Zhu and Colin Lizieri — Published 2018
Link to a PDF file  
indicator  image  Capital Expenditures, Asset Dispositions, and the Real Estate Cycle
Brent Ambrose and Eva Steiner — Published 2017
Link to a PDF file  
indicator  image  Should I AirBNB my Property?: A Comparison of Returns on Short- and Long-term Urban Rentals
Andy Krause and Gideon Aschwanden — Published 2017
Link to a PDF file  
indicator  image  Real Estate Portfolio Diversification and the Cost of Debt: Evidence from REIT Mortgages, Bank Loans, and Bonds
Piet Eicholtz, Irem Demirci, and Erkan Yonder — Published 2017
Link to a PDF file  
indicator  image  Benchmarking Local Private Commercial Real Estate Returns: Statistics Meets Economics
Liang Peng — Published 2017
Link to a PDF file  
indicator  image  Value Investment Strategies for Commercial Real Estate
David Downs, Eli Beracha, and Greg MacKinnon — Published 2017
Link to a PDF file  
indicator  image  Structure Depreciation and Real Estate Returns
Jiro Yoshida — Published 2017
Link to a PDF file  
indicator  image  Whose Skin Is It? Examining the Role of Risk Retention in CMBS Markets
Tony Ciochetti and Carl Larsson — Published 2017
Link to a PDF file  
indicator  image  Price Dynamics of Different Price Segments in Commercial Real Estate
David Geltner and Alex van de Minne — Published 2017
Link to a PDF file  
indicator  image  A New Method to Estimate Risk and Return of Commercial Real Estate Assets from Cash Flows: The Case of Open-End (Diversified) Core Private Equity Real Estate Funds
Jin Man Lee, James D. Shilling, and Charles Wurtzbach — Published 2016
Link to a PDF file Link to a view a summary of the file
indicator  image  Which Factors Determine Liquidity Across the U.S. Metropolitan Real Estate Markets?
Steven Devaney, Pat McAllister, Anupam Nanda — Published 2016
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indicator  image  Asset Growth and Stock Performance: Evidence from REITs
David Ling, Joseph Ooi, Ruoran Xu — Published 2016
Link to a PDF file Link to a view a summary of the file
indicator  image  Risk and Information Tranching, Security Governance, And Incentive Compatible Capital Structure Design
Timothy Riddiough, Jun Zhu — Published 2016
Link to a PDF file Link to a view a summary of the file
indicator  image  Efficient Capital Market with Predictable Asset Returns: Evidence from Private Commercial Real Estate Investments
Liang Peng — Published 2016
Link to a PDF file Link to a view a summary of the file
indicator  image  Real Estate Holdings of Public Firms and Collateral Discounts
Irem Demirci, Umit G. Gurun, Erkan Yonder — Published 2016
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indicator  image  Can Competition Improve Credit Ratings? Evidence from the CMBS Market
Sean J. Flynn, Andra C. Ghent — Published 2015
Link to a PDF file  
indicator  image  The Credit Availability Component of Commercial Real Estate Prices
Jonathan A. Wiley — Published 2015
Link to a PDF file  
indicator  image  Does Foreign Investment Affect US Office Real Estate Prices?
Anupam Nanda, Pat McCallister — Published 2015
Link to a PDF file  
indicator  image  Fundamental Drivers of Dependence in Real Estate Returns
Eva Steiner, Jamie Alcock — Published 2015
Link to a PDF file  
indicator  image  The Economic Foundations of Regional Real Estate Markets: An Equity Markets Approach
Marc W. Simpson — Published 2015
Link to a PDF file  
indicator  image  An Information-based Pricing Factor in International Commercial Real Estate Markets
Roland Fuess, Daniel Ruf — Published 2015
Link to a PDF file  
indicator  image  Impact of Large Investors in Distressed Housing Markets
Abdullah Yavas, Ronald Rutherford, Jessica Rutherford, Marc "Tim" Allen — Published 2015
Link to a PDF file  
indicator  image  Optimal Capital Structure and the Effects of Deviations from Target Leverage on REIT Return Performance
Emanuela Giacomini, David C. Ling, Andy Naranjo — Published 2015
Link to a PDF file  
indicator  image  Default Risk of Securitized Commercial Mortgages: Do Sustainability Property Features Matter?
Xudong An, Gary Pivo — Published 2015
Link to a PDF file  
indicator  image  Inflation Uncertainty and Real Estate
Lingxiao Li, Timothy Riddiough — Published 2014
Link to a PDF file Link to a view a summary of the file
indicator  image  How is Leverage Determined for Commercial Real Estate?
Liang Peng — Published 2014
Link to a PDF file Link to a view a summary of the file
indicator  image  The Cross Section of Expected Real Estate Returns: Insights from Investment-Based Asset Pricing
Shaun Bond, Chen Xue — Published 2014
Link to a PDF file Link to a view a summary of the file
indicator  image  The Extensive Margin of Credit, Housing Markets and the Tradeoff between Financial Stability and Homeownership
Pedro Gete — Published 2014
Link to a PDF file Link to a view a summary of the file
indicator  image  Commonality in Liquidity and Real Estate Securities
Martin Hoesli, Anjeza Kadilli ,Kustrim Reka — Published 2014
Link to a PDF file Link to a view a summary of the file
indicator  image  Lender Expectations and Real Estate Dynamics
Natalie Tiernan — Published 2014
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indicator  image  The Upgrade and Downgrade of CMBS Credit Ratings
Xudong An, Joseph Nichols — Published 2014
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indicator  image  Overconfidence and Corporate Decision Making: Evidence from REIT Property Transactions
Piet Eichholtz, Erkan Yonder — Published 2014
Link to a PDF file Link to a view a summary of the file
indicator  image  Search Costs, Behavioral Biases, and Information Intermediary Effects
David Ling, Andy Naranjo, Milena Petrova — Published 2013
Link to a PDF file  
indicator  image  Finding Cap Rates: A Property Level Analysis of Commercial Real Estate Pricing
Liang Peng — Published 2013
Link to a PDF file Link to a view a summary of the file
indicator  image  Contagion Channels Between Real Estate and Financial Markets
Martin Hoesli, Kustrim Reka — Published 2013
Link to a PDF file  
indicator  image  The Value of Active Management in the Commercial Real Estate Market: Evidence from Holdings and Trades
Yael V. Hochberg, Tobias Muhlhofer — Published 2013
Link to a PDF file  
indicator  image  Illiquidity Measures and the Pricing Implication in Commercial Real Estate
Peng (Peter) Liu, Wenlan Qian — Published 2013
Link to a PDF file  
indicator  image  Product Market Competition, Real Estate and Stock Returns
Moussa Diop — Published 2013
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indicator  image  Real Estate Risk and Hedge Fund Returns
Walter D'Lima, Charles Cao, Brent W. Ambrose — Published 2013
Link to a PDF file  
indicator  image  Commercial Real Estate: Underwriting, Mortgages, and Prices
James A. Wilcox — Published 2012
Link to a PDF file  
indicator  image  Corporate Investment in Commercial Real Estate with Costly Reversibility
Jonathan Wiley — Published 2012
Link to a PDF file  
indicator  image  Governance and Design of Structured Securities: Theory and Evidence
Timothy J. Riddiough, Jun Zhu — Published 2012
Link to a PDF file  
indicator  image  Performance of LEED-Existing Buildings Before and After their Certification
James A. Wilcox, Sofia Dermisi — Published 2012
Link to a PDF file  
indicator  image  Residential Relocation Decisions: The Role of Neighborhood Housing Characteristics
Kwan Ok Lee — Published 2012
Link to a PDF file  
indicator  image  The Determinants of REIT Volatility
Lingxiao Li — Published 2012
Link to a PDF file  
indicator  image  The Spill-Over Impact of Liquidity Shocks in the Commercial Real Estate Market
Brent W. Ambrose, Sun Young Park — Published 2012
Link to a PDF file  
indicator  image  Value Added From Money Managers in Private Markets? An Examination of Pension Fund Investments in Real Estate
Aleksandar Andonov, Piet Eichholtz, Nils Kok — Published 2012
Link to a PDF file  
indicator  image  Commercial Real Estate Rental Index: A Dynamic Panel Data Model Estimation
Xudong An, Yongheng Deng, Jeffrey D. Fisher — Published 2011
Link to a PDF file  
indicator  image  Executive Compensation and Debt Structure of REITs (Dissertation)
Ying Li — Published 2011
Link to a PDF file  
indicator  image  Exploiting Property Characteristics in Commercial Real Estate Portfolio Allocation
Alberto Plazzi, Walter Torous, Rossen Valkanov — Published 2011
Link to a PDF file  
indicator  image  Funding Constraints and Commercial Real Estate Pricing Spirals
David C. Ling, Andy Naranjo, Benjamin Scheick — Published 2011
Link to a PDF file  
indicator  image  How Accurate Are Commercial Real Estate Appraisals? Evidence from 30 Years of NCREIF Sales Data
Susanne Ethridge Cannon, Rebel A. Cole — Published 2011
Link to a PDF file  
indicator  image  Interest Rate and Investment under Uncertainty: Evidence from Commercial Real Estate Capital Expenditures
Liang Peng, Thomas G. Thibodeau — Published 2011
Link to a PDF file  
indicator  image  Market Timing and Investment Selection: Evidence from Real Estate Investors
Yael V. Hochberg, Tobias Muhlhofer — Published 2011
Link to a PDF file  
indicator  image  Collateral and Debt Capacity in the Optimal Capital Structure
Erasmo Giambona, Timothy J. Riddiough, Antonio Mello — Published 2010
Link to a PDF file  
indicator  image  Investor Sentiment and Asset Pricing in Public and Private Markets
David C. Ling, Andy Naranjo, Benjamin Scheick — Published 2010
Link to a PDF file  
indicator  image  Is Value-Added and Opportunistic Real Estate Investing Beneficial? If So, Why?
James D. Shilling, Charles Wurtzebach — Published 2010
Link to a PDF file  
indicator  image  Loss Aversion and Anchoring in Commercial Real Estate Pricing: Empirical Evidence and Price Index Implications
David M. Geltner, Sheharyar Bokhari — Published 2010
Link to a PDF file  
indicator  image  Risk and Returns of Commercial Real Estate: A Property Level Analysis
Liang Peng — Published 2010
Link to a PDF file  
indicator  image  The Returns of Private and Public Real Estate
Sheidan D Titman, Christian Tiu, Murray Carlson — Published 2010
Link to a PDF file  

 

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